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  • Loss carry back tax offset tool

    The loss carry back tax offset tool will help you work out if you are eligible to claim the refundable tax offset. It also calculates the maximum amount you can claim if you are eligible.

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    What the tool does

    This tool helps you:

    • work out if you are eligible to claim the loss carry back tax offset
    • calculate the maximum amount of tax offset you can claim if you are eligible
    • by providing a printable report with
      • all the information you provided
      • your eligibility
      • the maximum amount of tax offset claimable
      • the disclosures for each label in the company tax return that would be required to make your loss carry back claim.
       

    You can use the loss carry back tax offset tool when preparing your company tax return for the 2020–21 income year. In January 2022, we will update it to include the 2021–22 income year.

    Tool limitations

    The loss carry back tax offset tool is intended as a guide to help you understand:

    • whether you can claim the tax offset
    • the maximum amount of tax offset you can claim based on the information you provide.

    Claiming the maximum amount of tax offset may not always be the best option for your business. Consider your own circumstances when making your decision to claim a loss carry back tax offset in your company tax return. Seek professional advice if you're unsure or need help to make the choice for your business.

    Who can't use this tool

    You can't use the tool if you did not have the same residency status in all of the relevant income years that you had an income tax liability.

    Information you need for this tool

    You will need the following information to use this tool:

    • your income tax lodgment history
    •  
    • for the income years that you have a tax loss (2019–20 and later income years)  
    • for the income years that you have a tax liability (2018–19 and later income years)  
    • the opening and closing balance of your franking account for the income year you are preparing to lodge.

    Access the tool

    Last modified: 24 Nov 2021QC 67356